Pension Change notice to Employers - January 2009

23 February 2009

IMPORTANT NOTICE TO EMPLOYERS

 
NOTICE OF CHANGE IN TAX TREATMENT OF AN EMPLOYER CONTRIBUTION INTO AN EMPLOYEE’S PERSONAL PENSION PLAN OR RETIREMENT ANNUITY TRUST. 

With effect from the year for assessment 2009, any employer contribution into an individual’s personal pension plan or retirement annuity trust (approved under Article 131B / 131CA of the Income Tax Law 1961) is exempt from charge as a Benefit in Kind (BIK). 

Therefore, from 2009, employers are no longer required to declare such sums on their annual BIK returns.
 
Up to and including the year of assessment 2008, any amount paid into an employee’s private pension plan or retirement annuity trust by the employer is reportable and taxable.
 
For further information on this matter please contact the ITIS and Benefits in Kind team on 440300.
 
Office opening hours: Monday to Friday 9am - 5pm 

Income Tax Office
PO Box 56 
Cyril Le Marquand House
St.Helier, Jersey
JE4 8PF